Deposits & Savings
We believe your personal accounts should complement your lifestyle. That's why we've developed a variety of unique accounts with straightforward, easy-to-understand features — designed around the needs of Ontario's educational community.
Find the Right Account for You
From everyday chequing to long-term GICs, we offer accounts for every stage of life — including educator-exclusive products you won't find at the big banks.
Personal One Account
Chequing convenience with savings-level interest. Interest calculated on daily balance, paid monthly. Line of credit option available.
Youth Account
Designed for members under 18. A reduced share requirement of just $10 gives young savers access to savings, GICs, RRSPs and ATM access.
Senior Savings Account
All-inclusive account for members 65+. Unlimited transactions for only $6.55/month — no restrictions, no surprises.
Term Deposits / GICs
Short-term (30–364 days) and fixed-rate (1–5 years) options. Minimum $500 deposit. Auto-reinvested at maturity.
Tax Free Savings (TFSA)
Save tax-free and withdraw anytime, for any purpose. Choose from High Interest Savings, GICs, and mutual funds.
Registered Plans
RRSPs, RESPs, and RIOs (Retirement Income Options) to help you save smarter, reduce your tax burden, and plan for the future.
Teacher Funded Leave
Exclusive to Ontario educators. Defer salary to fund a year's leave of absence. High interest, fully redeemable, you stay in control.
Seasonal Savings Clubs
Save year-round for summer, the holidays, or March break through convenient payroll deduction. Interest paid at the right time.
Service Fee Bulletin
View the complete and current schedule of account service fees and transaction charges for all OECU accounts.
Personal One Account
The Personal One Account gives you the convenience of chequing with the attractive interest rates you normally see only on savings accounts. You work hard for your money — the Personal One Account makes sure your money is working for you.
For added convenience and protection against overdrafts, this account can have a personal line of credit attached to it.
- Chequing / savings hybrid account
- Interest calculated on daily balance, paid monthly
- Interest rate varies by minimum balance
- Line of credit option available
- Eliminates the need for transfers between accounts
- No charge for POS (Point of Sale) transactions
- Statement account — cheques not returned
- Package option available (see The Package)
Service Charges
- No charges if monthly minimum balance of $3,000 or greater is maintained
- Account maintenance fee: $1.00 per month
- Debit items (excluding POS): $1.00 per item
- Interac and other service fees apply
Why Personal One?
Most banks force you to choose between a chequing account (no interest) or a savings account (limited transactions). Personal One gives you both.
SMART BANKING TIP
Combine Personal One with direct payroll deposit and you'll earn interest from the moment your pay lands — without doing a thing.
Young Savers Program
Teaching children about financial responsibility starts with giving them real tools. The Youth Account does exactly that — providing access to genuine financial products in a supportive environment.
Saving is a learned behaviour. Give your children a head start with real financial experience.
Youth Account
The Youth Program is designed to educate children about financial affairs through exposure to the products and services available at OECU. Youth members have access to most Credit Union accounts and services.
To participate in the Young Savers Program, you must be under 18, related to a current member, and purchase a junior membership share for just $10.
Eligibility Requirements
- Must be under the age of 18
- Must be related to a current OECU member
- Purchase a junior membership share ($10)
Senior Savings Account
The Senior Account is an all-inclusive account without any transactional limitations for only $6.55 per month. You've worked hard — your banking shouldn't have annoying restrictions.
It gives you the convenience of chequing with savings-level interest rates, and an optional line of credit for overdraft protection.
- Eligible to members 65 or better
- Chequing / savings hybrid account
- Interest calculated on daily balance, paid monthly
- Line of credit option available
- Unlimited INTERAC transactions (ABM withdrawals)
- Unlimited Point of Sale (debit card purchases)
- Unlimited chequing privileges
- Unlimited electronic transfers
- Unlimited official cheques
- Unlimited bill payments through online banking
- Free personalized duplicate cheques
- Unlimited certified cheques (member certified)
- Safety deposit box discount (where available)
- Voucher search free within 12 months
- Account maintenance fee included in monthly fee
- Annual Credit Union league dues included
All-Inclusive for $6.55/Month
No more counting transactions. No more worrying about fees. The Senior Account is designed for peace of mind.
Monthly Fee
$6.55
All-inclusive. No hidden charges.
Term Deposits & GICs
From short-term flexibility to long-term security — our term deposits offer guaranteed rates with automatic reinvestment at maturity. All require a minimum deposit of just $500.
Short Term Deposits
Pick any term from 30 to 364 days to match your financial needs. Select the maturity date that aligns with your plan. Interest is paid at maturity.
- Flexible terms: 30 to 364 days
- Interest paid at maturity
- Auto-reinvested at maturity unless directed otherwise
Fixed Rate Term Deposits
Guaranteed fixed interest rate for terms of 1 to 5 years. A low minimum deposit makes these easy to add to your portfolio. Interest compounded and paid annually.
- Fixed rate locked for the full term
- Interest compounded and paid annually
- Auto-reinvested at maturity with prior notice
5-Year Fixed Rate GIC
Ideal for long-term guaranteed returns and portfolio stability. Interest can be paid monthly, annually, or at maturity — your choice.
- Excellent portfolio balancing option
- Flexible interest payment schedule
- Stability against volatile market portfolios
Ready to lock in a great rate?
Speak with a Member Service Representative to find the right term for your goals.
Registered Plans
Government-approved registered plans that help you save during your peak earning years while sheltering your income from tax — building a more comfortable future.
RRSP
Registered Retirement Savings Plan. Contributions are tax-deductible and income earned grows tax-sheltered until withdrawal in retirement.
RESP
Registered Education Savings Plan. Save for your children's post-secondary education with tax-sheltered growth and government grants.
RIO / RRIF
Retirement Income Options convert your RRSP savings into a stream of retirement income — only the income received each year is taxed.
TFSA
Tax Free Savings Account. Earn tax-free interest and withdraw anytime. See the dedicated TFSA section below for full details.
How it works: A Registered Retirement Savings Plan lets you invest money during your peak earning years to build a retirement fund. Contributions are tax-deductible within annual limits, and income earned is tax-sheltered. When you're ready to retire, your accumulated savings convert to a Retirement Income Option (RIO) — providing income payments taxed only as you receive them, spreading the tax burden over your retirement years.
Tax Free Savings Account (TFSA)
Save tax-free and still have the flexibility to withdraw your savings at any time, for any purpose — it's your choice. You'll be surprised how quickly your tax-free savings add up.
TFSA Investment Options at OECU
* Certain conditions may apply to withdrawals. ** Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Unless otherwise stated, mutual fund securities and cash balances are not insured or guaranteed. Values change frequently and past performance may not be repeated.
Download TFSA FAQ Sheet →Teacher Funded Leave (TFL)
The deferred salary leave plan is an excellent opportunity available to many educators throughout Ontario for personal development and rejuvenation. Those with this option can take one school year's leave of absence by deferring a portion of their salary over several years to finance it.
We recommend withdrawing your TFL funds in smaller lump sums as required — so the remainder continues earning high interest. You're in control of your funds at all times.
- High interest savings rate paid on your balance
- Deposits accepted only through direct deposit from employer
- Interest calculated on daily minimum balance
- Interest paid quarterly
- Non-chequing — dedicated savings only
- Release of funds requires authorization from employer (when leave begins)
- Fully redeemable once employer authorization is received
- Statement account
How TFL Works
Step 1: Ask your employer to redirect a portion of your salary each pay period directly to your OECU TFL account.
Step 2: Your funds grow at a high interest rate, compounding daily, with interest paid quarterly.
Step 3: When your leave begins and your employer provides authorization, you're free to use your funds however you choose — in lump sums or all at once.
🍎 EDUCATOR-EXCLUSIVE
This product is specifically designed for Ontario educational employees and is only available at institutions like OECU that understand educator needs.
Seasonal Savings Clubs
Save automatically through payroll deduction all year long — and have funds ready exactly when you need them. Three clubs designed for the educator's school-year calendar.
Summer Savings Club
Save all year for your summer vacation, summer tuition, or whatever your special summertime needs are. Deposits are made by payroll deduction so saving is effortless.
Christmas Club
Stop reaching for your credit card in December. Pay yourself throughout the year and earn interest on your balance — then enjoy a stress-free holiday season.
VIP Club
Stop scrambling for ways to pay for your March Break vacation. The VIP account builds a dedicated pool of funds for the Mid-Winter Break — automatically.